Leases with Little Caesars Pizza and Hirshfield’s fills retail property
MINNEAPOLIS (March 7, 2011) – United Properties announces that its newest lease at Prairieview Shopping Center in Eden Prairie brings the neighborhood retail center to 100 percent occupancy. Little Caesars Pizza signed a lease in February for 1,485 sq. ft. of space to bring the center to 100 percent leased. Just before that, United Properties secured a lease with Hirshfield’s for 4,248 sq. ft. of space it moved into this month.
The addition of Hirshfield’s and two other lease transactions in 2010 had brought the center to 98 percent, coming off more two years of vacancies.
“With standard neighborhood retail vacancy at 14 percent, our retail properties are far above market average,” said Matt Sonntag, assistant vice president and asset manager, United Properties. “Occupancy for our Twin Cities retail properties is nearly 97 percent and we have worked hard for that.”
Landlord United Properties is represented by NorthMarq leasing agents Ronn Thomas and Brad Kaplan.
Anchored by Rainbow Foods, Prairieview Shopping Center is a 115,000-sq.-ft. neighborhood retail center, which includes 52,500 sq. ft. of attached shop space. Other tenants include: Eden Prairie Liquors, Starbucks, Bakers Square and Empire Beauty School. Recent renovations earned a Shopping Center Tribute Award for Retail Real Estate (STARR) Award from the Minnesota Shopping Center Association.
About United Properties
United Properties, based in Minneapolis, Minn., specializes in commercial real estate development and investment. Since 1975, United Properties has provided development services for the retail, residential, office, medical and industrial sectors. In addition to a large presence in the Minneapolis-St. Paul market, United Properties’ Colorado division develops retail properties as well as office and flex office buildings. Formed in 1916, the United Properties investments group acquires, manages, finances and disposes of the company’s real estate investments, which includes nearly 60 office, medical, industrial and retail assets in Minnesota, Wisconsin and Colorado. For more information, visit www.uproperties.com.
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